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Question #4 (20 Points) O'Conner Company has a year ending on December 31. The company purchased equipment costing $88,000 on October 2, 2018. The equipment
Question #4 (20 Points) O'Conner Company has a year ending on December 31. The company purchased equipment costing $88,000 on October 2, 2018. The equipment was purchased by paying 30% down and signing a 996, 120-day note payable for the balance. Prepare the journal entries to record the following events. Use a 360-day year and round all amounts to the nearest dollar a. The purchase of the equipment on October 2, 2018 b. The accrual of interest on December 31, 2018 c. Payment of the note on January 30, 2019 Credit
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